Good News: It looks like we made signficantly lower interest free loans to the taxing authorities in 2011 than 2010.Bad News: We're still a couple of 1099s & corrected 1099s from being able to file our 2011 taxes.Good News: Our refinanced mortgage is at a much lower rate and shorter term than the old mortgage.Bad News: Higher out of pocket cash flows & lower interest shield on that mortgage means those benefits won't be really felt for several years.Good News: A stabilizing economy in 2011 led to a return of business travel, including for my Schedule C / 1099-Misc work.Bad News: A stack of paperwork about 6" thick to support the related business travel deductions.Good News: 529 Contributions & Long Term Care Insurance premiums are at least partially deductible on our state taxes.Bad News: Our kids will still be responsible for most of their own college expenses, and if we wind up in a nursing home for as long as my wife's 108 year old Great Grandmother, our kids still won't inherit anything from us.Good News: My wife & I are expecting a baby in 2012.Bad News: To qualify for safe harbor based on 2011 taxes, I don't think I can adjust my withholdings to reflect that anticipated addition.-ChuckInside Value Home Fool
Good News: My wife & I are expecting a baby in 2012.Bad News: To qualify for safe harbor based on 2011 taxes, I don't think I can adjust my withholdings to reflect that anticipated addition.Congratulations! No bad news. Just use a different approach for 2012. See Pub 505.PhilRule Your Retirement Home Fool
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